PHOTO; VP Koung speaking at the Aqualife Ribbon-Cutting Ceremony in Monrovia’s Virginia suburb
Office of the Vice President- Liberia’s Vice President Jeremiah Koung says support for Liberian-owned businesses remains a major priority for this government, a press release said on Saturday, March 9, 2024.
He said the intent is to lift the citizens out of poverty.
“Considering the high rates of unemployment and poverty in our nation, we have, as a government, a responsibility to support our local industries and businesses. Our small businesses, SMEs, and Liberian-owned businesses remain our major focus to lift our citizens out of poverty. Our local businesses and Liberian-owned businesses are struggling for needed capital to expand and contribute to our private sector. Even under difficult circumstances, our small businesses and Liberian-owned businesses continue to demonstrate resilience to compete with foreign businesses” VP Koung asserted.
The Liberian Vice President said while the government encourages foreign investors to help in private sector growth, it hails local businesses for their consistency while assuring them of the government’s preparedness to create an enabling environment for expansion.
VP Koung was speaking Friday when he delivered the keynote address at the Aqualife Ribbon-Cutting Ceremony of the company’s newly constructed water facility in Virginia outside Monrovia.
He then commended Liberty Investment Limited and its subsidiary, Aqualife, for over a decade of investments in Liberia.
According to him, these investments have created employment opportunities for Liberians and contributed significantly to Liberia’s industrial and economic advancement.
“I firmly believe that His Excellency President Joseph Nyuma Boakai, Sr’s ARREST vision offers the most promising avenue to address the longstanding challenges confronting private sector investments. As we celebrate the extension of the newly constructed Aqualife factory in Liberia, we do so with the hope that our economy will thrive only through a vibrant private sector. This new factory serves as evidence of our favorable business climate and sends a clear message to potential investors regarding our commitment to private sector development” VP Koung said.
Meanwhile, VP Koung identified what he called failure to identify sectors requiring immediate attention as a major obstacle to achieving a strong private sector.
He said while he is aware of the many sectors seeking investment and attention, the need to prioritize sectors that provide immediate transformation cannot be overemphasized.
The Liberian Vice President who has a background in business believes that the strategy should tailored fully to develop the ARREST agenda which includes Agriculture, Roads, Rule of Law, Education, Sanitation, and Tourism.
“Agriculture and energy are the most urgent sectors capable of attracting the investments necessary to support other sectors. Liberia’s abundant agricultural resources, with the potential for increased productivity through local processing and indigenous value-chains, offer many employment opportunities” He noted.
He assured that with the support of the International Finance Corporation (IFC) of the World Bank, and other development partners, the government can mobilize funds for local businesses and industries to cultivate a competitive business environment conducive to economic growth and development.
Friday’s Aqualife Ribbon-Cutting Ceremony was graced by several dignitaries including House Speaker J. Fonati Koffa, Madam Dahila Khalifa, Regional Director for Central Africa and Anglophone West Africa for the International Finance Corporation and Commerce Minister Amin Modad, among others.